Ex-EY partner accused of ’unacceptable’ act

Australia’s Commissioner of Taxation on Wednesday announced proceedings had been lodged in the Federal Court alleging a former Ernst & Young tax partner had promoted the exploit scheme.

“The Australian Taxation Office has been working closely with the Tax Practitioners Board on this matter,” an ATO spokesman said.Individuals found to promote tax exploitation schemes face maximum fines of up to $1.5m. “Promoter penalty laws are in place to deter and disrupt the promotion and implementation of aggressive tax avoidance and evasion schemes,” the ATO said in a statement.

In a statement, the firm said it wanted to demonstrate its “transparency … given the significant uncertainty that the proceedings have created in the market”.

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